Shareholders applaud Dangote Flour Mills’ return to profitability

SHAREHOLDERS have applauded the board and management of Dangote Flour Mills for returning the company to profitability after years of losses. They urged the management to create more awareness for the company’s products saying as they are of high quality and in line to global standards.

Speaking at the company’s Annual General Meeting held in Lagos, a shareholder, Alhaji Muktar Muktar commended the Flour Mills management for returning the company to profitability as well reopening the closed Kano Mills, adding that, the reopening of the Kano Mills contributed to the increase in sales volume recorded by the flour mill.

He said that with return to profitability after years of losses, shareholders are encouraged that the board will recommend dividend payment in the coming years. He said that the turnaround in the fortunes of the company is not surprising as any investment associated with Dangote produces results. He tasked the management not to relent in ensuring that the profit recorded in the 2016 financial year is surpassed in the coming years.

He stated, “I want to commend you for this result. It clearly shows that this board is highly proactive and ready to tackle the problems of this company. You have significantly reduced the accumulated losses and reduced borrowings; I believe that under your leadership we should be able to receive dividends in the next couple of years.”

Idowu Monsur, another shareholder speaking at the AGM specifically tasked the management of Dangote Flour Mills to ensure that all their products are available in all the markets. He said that the same way Dangote Cement has dominated the cement sector, the company should dominate the flour products market. According to him, with the high cost of rice, availability of the products will compel people to shift to consumption of pasta instead of rice .